Good morning, it's Paul here with the SCVR for Thursday.

Estimated timings - I need a lunch break now (at 12:57), but will get a new section on MPAC up by 5pm. Update at 17:05 - sorry it took so long, but today's report is now finished.

Results webinars - I've watched 2 webinars/conf calls today, which eats up a lot of time, but is very useful in expanding my understanding of businesses that are already in my "looks interesting" tray;

Mpac (LON:MPAC) is 11am, courtesy of Equity Development, signup link here.

Headlam (LON:HEAD) (I hold) is a conf call, not a webinar, sorry I got that wrong earlier. I'll feed back anything interesting to you.


Companies being covered in today's report are;

Revolution Bars (LON:RBG) - (I hold) - trading update on re-opening of its bars

Headlam (LON:HEAD) - (I hold) - Interim results, 6m to 30 June 2020

Mpac (LON:MPAC) - Half year results

That might be all there's time for today, since it will involve me looking at 2 webinars, in addition to going through the results RNSs. But as always, do flag up in the comments below, if there's something really good that I might have missed.

If you're new here, just FYI, I try to focus my time on shares that seem to have good potential upside, not on poorer quality, or over-priced things. After all, my main activity is investing my own money, with report writing here really being a sideline to recycle research that I would be doing normally anyway.


US markets - euphoria

I see the relentless rally in US markets is continuing, with the most remarkable V-shaped rebound in markets that I've ever seen. It seems obvious to me that the markets across the pond seem to be in something of a speculative frenzy. Valuations generally don't make sense to me, and I'm braced for a big correction at some point. When significant parts of the market begin to completely disregard valuation, and instead valuations of growth companies are based on their story alone, then you know you're close to the end of the bull run. It's 1999 all over again, in my view. Whilst acknowledging that the top tech stocks are remarkable businesses, it's the next tier down that…

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